Lucent Technologies reported results for the fourth quarter and fiscal year 2006, which ended September 30, 2006, in accordance with U.S. generally accepted accounting principles (GAAP).
For the quarter, Lucent reported net income of $371 million or 7 cents per diluted share.
These results compare with net income of $79 million or 2 cents per diluted share in the third quarter of fiscal 2006, and net income of $372 million or 7 cents per diluted share in the year-ago quarter.
The company reported revenues of $2.56 billion in the quarter, an increase of 25 percent sequentially and an increase of 5 percent from the year-ago quarter.
The company's revenues were $2.05 billion in the third quarter of fiscal 2006 and $2.43 billion in the year-ago quarter.
The fourth quarter's earnings per share included a positive impact of $73 million, or about 1 cent per diluted share, for discrete tax items and the reversal of U.S. deferred taxes.
Similar items did not have a material impact in quarter ended June 30, 2006. In the year-ago quarter, earnings per share included a positive impact of $128 million, or about 2 cents per diluted share, primarily due to income tax items.
For the fiscal year, Lucent reported revenues of $8.80 billion, a decrease of 7 percent compared with $9.44 billion in revenues for fiscal 2005.
The net income for fiscal 2006 was $527 million or 11 cents per diluted share compared with net income of $1.19 billion or 24 cents per diluted share in fiscal 2005.
Significant items previously identified in our quarterly earnings releases had a negative impact of $247 million, or about 5 cents per diluted share, on net income in fiscal 2006, and a positive impact of about $352 million, or about 7 cents per diluted share, on net income in fiscal 2005.